Asean must trade more with itself, Anwar tells bloc's business council

KUALA LUMPUR, May 26 — Prime Minister and Chair of the South-east Asian bloc, Datuk Seri Anwar Ibrahim, has directed the Asean Business Advisory Council (Asean-BAC) to submit concrete proposals to boost intra-Asean trade, which currently accounts for only about 20 per cent of the grouping's total trade.
He noted that his counterparts had expressed a shared desire to unlock the region's full economic potential, underscoring the opportunity to significantly expand intra-Asean trade.
'Proposals have been made by Presidents and Prime Ministers, and there is actually no reason why the extent of our inter-Asean trade and investments is still limited at this stage, as the potential is enormous.
'So please come up with some very specific proposals on how we can compel policymakers to accept some recommendations,' he said in his opening remarks at the Asean Leaders' Interface with Representative of the Asean Business Advisory Council (Aseab-BAC) here today.
Anwar, who is also the finance minister, said the Asean-BAC would also be present at all Asean meetings as a standard procedure to express their views and provide suggestions.
Heads of State present included Brunei Darussalam Sultan Hassanal Bolkiah; Indonesia President Prabowo Subianto; Cambodia Prime Minister Hun Manet; Laos Prime Minister Sonexay Siphandone; Vietnam Prime Minister Pham Minh Chinh; Philippines President Ferdinand Marcos Jr; Singapore Prime Minister Lawrence Wong; and Thailand Prime Minister Paetongtarn Shinawatra.
Also in attendance were Timor-Leste Prime Minister Xanana Gusmao, as observer, and Asean Secretary-General Kao Kim Hourn.
This year marks Malaysia's fifth time chairing the regional bloc, having previously held the Asean Chairmanship in 1977, 1997, 2005 and 2015.
In conjunction with the summit, two pivotal high-level engagements — the 2nd Asean-GCC Summit and the inaugural Asean-GCC-China Summit — will also be convened, serving as strategic platforms to advance regional and inter-regional cooperation. — Bernama

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